realestate

Toronto Condo Stagnation: Months-long Sales Struggle Amid Surging Inventory

Seller recruits agent familiar with similar unit sale in nearby boutique building to finalize purchase.

R
oyal LePage Real Estate Services Ltd. listed this one-bedroom plus den unit in a boutique building near Yonge Street and Eglinton Avenue for $599,000 in June 2024. The price had been reduced from $695,000 in April after the owner noticed a similar unit sold for $507,000 on the same floor. After seven weeks, the unit was sold to one visitor for $590,500.

    The 24-year-old unit features a recently renovated U-shaped kitchen with quartz countertops and stainless steel appliances, hardwood flooring, modern bathrooms, and large windows in the living room. The den is behind a frosted door for privacy, and the package includes a storage locker and parking spot. Water costs are included in monthly fees of $678.

    Agent Dino Capocci said the sale was a good value for 634 square feet with amenities like parking and a balcony. "For $590,500, that's good value," he said. The building has basic amenities and is close to major retailers, restaurants, gyms, and public transit.

Toronto condo sales struggle amidst months of stagnant market with rising inventory.